Clause 2

Upon the commencement of this Act, all lands, buildings and other property, movable and immovable, of the Services’ Lands Board constituted under the Services’ Lands Board Act (Cap. 284), including all debts, liabilities, obligations, assets, powers, rights, interests and privileges of the Board shall be transferred to and vest in the Government without further assurance or assignment.

Upon such transfer, all debts, liabilities and obligations in connection with or appertaining to such lands, buildings and other property shall also be transferred to and be deemed to have been incurred by the Government.